Forum Financial Management LP Sells 139 Shares of Targa Resources Corp. (NYSE:TRGP)

Forum Financial Management LP trimmed its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 2.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,841 shares of the pipeline company’s stock after selling 139 shares during the quarter. Forum Financial Management LP’s holdings in Targa Resources were worth $864,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in Targa Resources in the 4th quarter valued at $505,132,000. GQG Partners LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth $393,335,000. Canada Pension Plan Investment Board boosted its position in shares of Targa Resources by 981.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock valued at $204,223,000 after acquiring an additional 1,038,350 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Targa Resources in the fourth quarter valued at about $150,372,000. Finally, TD Asset Management Inc. increased its position in Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after acquiring an additional 825,267 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

TRGP stock opened at $174.48 on Friday. The stock has a market cap of $37.97 billion, a price-to-earnings ratio of 30.40, a P/E/G ratio of 0.61 and a beta of 1.75. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a 50 day simple moving average of $188.84 and a 200 day simple moving average of $187.59. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.28%. Targa Resources’s payout ratio is 69.69%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on TRGP shares. Morgan Stanley boosted their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Truist Financial boosted their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Scotiabank lowered their price objective on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Mizuho upped their target price on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $210.64.

Insider Transactions at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.34% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.